The traditional theory application in recognition of ownership to virtual assets

Abstract

The significant advances of the Internet have made cyberspace develop similarly to physical space. Although the architecture of cyberspace has an automated function, there still exists a need for state management in some cases, especially with the advent and increasing popularity of virtual asset classes. Virtual assets have the characteristics of a regular asset class, such as competition, persistence, and interconnectedness. Treating virtual items the same way as real-world assets would be logical, which This means that virtual assets can also be considered for ownership. However, traditional theories face many difficulties when applied to the virtual world in solving the problem of recording ownership of virtual assets. The article analyzes the content of popular approaches used as the basis for claiming ownership of virtual assets, including John Locke's labor value theory, Hegel's personality theory, and Bentham's pragmatism. At the same time, the article also points out the limitations and unconvincing results of applying these traditional theories to recording ownership of virtual assets. The virtual world is not the natural world for the mere application of John Locke's labor philosophy. Applying Hegel's personality theory leads to other complex operations, including identifying virtual assets. Recognizing ownership of virtual assets does not necessarily create optimal value for Bentham's pragmatist society. Therefore, recognizing ownership rights for virtual assets needs further research on the rationale.